where orders emerge

Keep Those Exports Coming

Here’s a letter that I sent to the New York Times – the third letter in response to yesterday’s Krugman column:

Paul Krugman notes that Chinese Prime Minister Wen Jiabao “accused other nations of doing what China actually does, seeking to weaken their currencies ‘just for the purposes of increasing their own exports’” (“Taking on China,” March 15). This charge of hypocrisy is likely justified.

Nevertheless, why should we non-Chinese complain about this Chinese policy? We get more for less.

Does Prof. Krugman complain about companies such as Apple and 3M working diligently “just for the purposes of increasing their own exports” – that is, sales? Such efforts might or might not prove to be good for these companies, but surely those of us who are simply customers of Apple and 3M (and of their competitors) benefit unambiguously.